DigiShares, the end-to-end white-label platform for tokenized securities, is taking whisky digital thanks to an exciting new partnership with Faer Isles Distillery. This one-of-a-kind collaboration will see Faer Isles become the first distillery in the world to offer shares via an STO and accept payments for those shares in cryptocurrencies.
Christian D. Grahn, Executive Chairman of Faer Isles Distillery, had this to say once this agreement was made official:
“We are very happy about the partnership with DigiShares. We view them as one of the leaders in the space of tokenization of assets. They have a flexible business model, are easy to work with, and provide a tokenization platform with all the functionality we need.”
Faer Isles Distillery will use the STO to further the growth and development of its bespoke craft whisky and gin startup. After securing initial community funding from backers in 22 countries through its Founders’ Club initiative, the proceeds from the STO will serve to take this innovative venture to the next level.
As one of the most northerly whisky distillers in the world, the Faer Isles Distillery on the Faroe Islands in the middle of the North Atlantic is optimally located for whisky maturation. The distillery’s surrounding natural habitat also makes it the ideal spot for gin botanicals such as seaweed, angelica, and juniper.
The STO run in collaboration with DigiShares will see 300,000 B-shares issued, representing 23% of the shares in Faer Isles Distillery PF (Ltd). The purchase price per share is 100- DKK (14€), with the 300,000 shares representing a total value of 30,000,000 DKK (€4,033,700). The STO began in February 2021 and will run until the 31st of July 2021.
CEO of DigiShares, Claus Skaaning, had this to add about the partnership and why the digitalization of whisky makes perfect sense:
“We look forward to working with Faer Isles on the tokenization of shares in their distillery. Whisky is one of the most interesting investment objects globally with an annual yield of more than 20% on average, so it lends itself very well to tokenization. Faer Isles is very forward-looking in choosing this new method of fundraising which can create increased fractionalization and liquidity.”
While a departure from the STOs that are most typically offered by organizations in the real estate and financial industries, this partnership with Faer Isles Distillery shows that tokenization can be a valid and innovative source of funding for forward-thinking companies in any industry. With DigiShares technology guaranteeing that only whitelisted, verified, and approved investors can participate in these offerings, the demand for such tokenization solutions is likely to grow in the future.
About Faer Isles Distillery
Faer Isles Distillery is a craft whisky and gin distillery startup on the Faroe Islands. For a craft distillery wanting to produce high-quality malt whisky and super-premium gin, the Faroe Islands in the middle of the North Atlantic is an optimal location. The salty, windy climate on the islands provides the perfect atmosphere for whisky maturation, and the surrounding nature provides the optimal botanicals for gin production. As a new whisky destination, the project has gained a lot of international coverage, e.g., in the largest whisky publication in the world, Whisky Advocate.
Faer Isles Distillery was founded by local whisky enthusiasts. Since then, a group of investors, business developers, and industry specialists have joined and formed the team behind the project today. Test production has been performed for a few years, and the first commercial products will be launched this year.
See more here: https://www.faer.io
Press contact: Dánial Hoydal, [email protected]
